as of October 31, 2016
STATEMENT ON NMLETR FUNDS
NMLETR and SONM operate on a centralized financial accounting system. Each active NMLETR agency is given a separate financial account for deposits and disbursements managed by SONM to ensure accounting consistency and legitimacy. Only local agency coordinators can authorize disbursements by completing a Check Request/Advance form. Each month, SONM sends each active NMLETR agency a statement summarizing disbursements and deposits.
Fifty percent of all funds raised by active NMLETR agencies support SONM State Competitions and sports program initiatives—while the remaining 50% of funds raised by active LETR agencies are allocated annually to support local programs from those communities where agencies are located (e.g. NMLETR Farmington PD dollars support Special Olympics Farmington). All Chapter, NMLETR, and local program accounts are audited annually by a certified public accounting firm.
Local Agency and State Program Sponsorship opportunities are available to local businesses and community partners statewide. Benefits packages are created to serve the priorities of the business/community partners as well as Special Olympics New Mexico and NMLETR. Funds raised by NMLETR State Program Sponsorships are not included in annual allocations, but are used to support the Torch Run in New Mexico.